The Merrillville Town Council has had its first look at a massive project proposal. Our partners at The Times of Northwest Indiana report developers of the $356 million The Farm at Crossroad Commons are seeking $30 million in Tax Increment Financing revenue from the Lake County town.
The project is being developed by Merrillville-based White Lodging Services Inc. near I-65 and U.S. 30, and will feature multiple hotels, a conference center, and residential space, among other amenities. It is being proposed at the site of the former Radisson Hotel and Star Plaza Theatre, as well as Twin Towers office buildings, which are set for demolition soon.
Plans for the project were first announced last week. The developer plans to invest $237 million into the project and is seeking the remainder of the funding from the town, county, and state. Town councilor Shawn Pettit, who is also president of the town’s redevelopment commission, says providing TIF funding would require the town to expand its TIF district to include the property, according to the publication.
White Lodging projects the development would generate $45 million in new property tax revenue and $26 million in new income tax revenue over 10 years. It is also expected to result in more than 1,000 new direct and indirect jobs, as well as more than 600 construction jobs.
The council has not made a decision on whether to provide the TIF funding for the project. The Times reports the town’s financial adviser is currently reviewing the TIF district to determine how it could move forward with the funding request.